View more on these topics

Coventry suspends new lending in equity release

Coventry has suspended its equity release proposition after it removed all its equity release range from the market today.

The building society, whose offering included a popular lifetime mortgage with no early redemption charge, says it has pulled its equity release range so as to review the proposition.

A spokesman says: “We are looking at the cost of lending and as a result will not be offering any new equity release products at this time.”

Coventry could not put a date on a return but says it “may be some time” before a new range of products are released.

The spokesman says: “We remain dedicated to the industry and are still a full member of Safe Homes Income Plans. We will also carry on to service all existing clients.”

Charterhouse Retirement Solutions director Terry Pritchard says: “It is a shame to see such an innovative provider forced to partially close its doors because of the current market conditions. We hope to see them return to full lending soon.”



News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Coventry suspends Equity Release
    Shame! Fantastic product (nil redemption penalty) showing they were innovative in coming to the market.
    Hope they come back with similar product and maybe some more innovations.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm